credit card consolidation

R U talking about a consolidation or settlement company. My settlement company told me I needed to be either behind in payments OR going to get behind the month I sign up and OF course I needed the money for other things and got behind the month I signed up.

It was not a big deal. It took 30 days to get approved for the program and by then I was behind in payment 30 days.

Hi Jennifer

You can do a consolidation even if you are regular in your payments. The consolidation program also works for those people who have fallen behind in their payments. Besides, the consultant negotiates with your creditors to reduce the interest rates. The plan is set after analyzing your present financial situation. Your credit report takes a good turn after the accounts have been paid in full.

In a debt settlement program, you are required to default in the payments with your creditors. The procedure of this program is that once your bills are past due, the consultant negotiates for a lower amount with your credit companies. This negotiation can result half of the total debt payable to the creditors. You keep sending your monthly payments to the settlement company. A separate account is created for this purpose. It involves some time to accept your proposal by the credit companies but once it is done, the settlement company sends the payments at once from your account.